Market Overview

The crypto market has pulled back to the lower end of the consolidation range in place since May. The upward trend seen in the first week of the month failed to gain momentum, repeating the pattern seen in June and July when bullish attempts also faded. It appears that the theory of an inverse correlation between cryptocurrencies and the stock market has once again been confirmed, with the S&P 500 and Russell 2000 reaching new record highs. The fact that buyers have focused on the broader market highlights a rotation away from tech stocks towards traditional sectors. Among the most actively traded cryptocurrencies, Cosmos (+10%) surged over the past 24 hours, while the majority declined, with the biggest losses recorded…